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Updated September 24, 2026. Quick answer: It depends which hat KeyBank Private Wealth is wearing. As your investment adviser, KeyBank Private Wealth owes you a fiduciary duty under the Investment Advisers Act of 1940. As your broker-dealer, KeyBank Private Wealth owes you Regulation Best Interest, a real and enforceable standard, but not a fiduciary duty. KeyBank Private Wealth’s own Form CRS states: “When we provide you with a recommendation as your broker-dealer or as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
How it’s registered
From Key Investment Services LLC Form CRS (May 9, 2024): “Key Investment Services LLC (KIS) is registered with the Securities and Exchange Commission (SEC) as both a broker-dealer and an investment adviser and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA) and the Securities Investor Protection Corporation (SIPC).”
The brand name KeyBank Private Wealth is not a separately SEC-registered entity. The registered firm is Key Investment Services LLC (KIS), which the SEC record shows also does business as Key Wealth and Key Private Client. KIS is a broker-dealer and investment adviser affiliate of KeyCorp; KeyBank, N.A. itself is a separate affiliated bank, not the registrant of this Form CRS.
The standard of conduct, in its own words
“When we provide you with a recommendation as your broker-dealer or as your investment adviser, we have to act in your best interest and not put our interest ahead of yours.”
On commissions: KIS shares a portion of the revenue generated by your transactions, holdings, and accounts with your financial professional. That percentage varies by financial professional and investment type and may further be shared with other financial professionals. For commissions and fees, for instance, the percentage we share with your financial professional may vary between 0% and 44.5% of the commission or fee generated.
Fiduciary status by capacity
| Capacity | Registration | Standard you’re owed | Can earn commissions | Source |
|---|---|---|---|---|
| As your broker-dealer | SEC-registered broker-dealer | Regulation Best Interest (not a fiduciary duty) | Yes | Key Investment Services LLC Form CRS, May 9, 2024 |
| As your investment adviser | SEC-registered investment adviser | Fiduciary duty (Investment Advisers Act of 1940) | No (asset-based advisory fee: $7,000 a year, 1.40% on a $500,000 account) | Key Investment Services LLC Form CRS, May 9, 2024 |
What this means for what you pay
Fiduciary status is one input, not the whole picture. KeyBank Private Wealth discloses a published fee that runs $7,000 a year on a $500,000 account; see the full dollar breakdown from KeyBank Private Wealth’s own fee disclosure before deciding whether the standard of conduct here changes your answer.
If the answer above changes your mind about staying, read the general mechanics of switching financial advisors, or use a dated termination letter once you decide.
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Source: WiserAdvisor’s service descriptionSources
- Key Investment Services LLC Form CRS (May 9, 2024): https://reports.adviserinfo.sec.gov/crs/crs_136300.pdf
- SEC Investment Adviser Public Disclosure, Key Investment Services LLC (CRD #136300): https://adviserinfo.sec.gov/firm/summary/136300
- Key Investment Services LLC, SEC Form ADV filing: https://reports.adviserinfo.sec.gov/reports/ADV/136300/PDF/136300.pdf
Methodology. This page was built September 24, 2026, quoting directly from KeyBank Private Wealth’s own current Form CRS, with the source linked above; any distinction we could not independently confirm this session is named as an honest gap rather than presented as verified. Nothing here is personalized financial, tax, legal, or investment advice, and it is not a substitute for reading the firm’s own Form CRS. See our Editorial Policy, Corrections, Affiliate Disclosure, and Disclaimer.
Weighing whether to move ahead? Read the full KeyBank Private Wealth review, including its fiduciary status and what it costs to leave.
Comparing KeyBank Private Wealth against other options? See KeyBank Private Wealth alternatives, including a lower-fee full-service firm, a flat-fee route, and a robo/hybrid.
How does this compare? See how 127 advisory firms are registered, from each firm’s own SEC record.
Already with KeyBank Private Wealth and weighing a move? How to leave KeyBank Private Wealth covers what it costs to transfer out.